This means a
couple of things. The most important thing to realize is that the
lender will not just fork over a new, lower interest rate. You will be
asked to bring in income documentation, and your credit score will be
checked, just like with your original mortgage. This means, of course,
that there will be fees involved. You will have to pay closing costs on
this mortgage just as you did initially.

Adjustable rate mortgages can help you get the house you want, and save
you money every month once you're in it. They're most useful to
homebuyers who expect to stay in their homes for only a few years, or
who expect their incomes to climb in the future.

Bad credit won't necessarily keep you from getting a mortgage, but it
will mean paying higher interest rates in the subprime mortgage market.
Predatory lenders lurk in these waters. Learn how to recognize them,
and you'll be able to swim out of harm's way and freely shop for the
best deal.